Export Impact on Regions Including Daegu and Gyeongbuk Due to COVID-19

Amid a sharp decline in cargo imports from China due to the recent novel coronavirus impact, on the 6th, the designated warehouse at Incheon Airport Customs in Yeongjongdo, Jung-gu, Incheon, showed a noticeably empty appearance, unlike the usual days when it was filled with cargo./Yeongjongdo=Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Jang Sehee] Exports from regions severely affected by COVID-19, such as Daegu·Gyeongbuk, Busan, and Jeonbuk, significantly declined in January and February. These areas, concentrated with automobile-related industries, showed a sharper decrease compared to other regions.

According to the Korea International Trade Association on the 29th, among the 17 cities and provinces nationwide, Jeonbuk recorded the largest drop in export value for January and February at -12.4%, followed by Jeonnam, Busan, and Gangwon.

Jeonbuk's exports fell 17.5% in January compared to the same month last year, followed by a 6.3% decline in February. Notably, exports reached a low of $466 million, the worst since April 2016.

The Daegu·Gyeongbuk region experienced export declines of -19.4% and -15.5% in January, respectively, due to a drop in automobile parts exports.

On the other hand, exports from the Chungcheong region generally increased. Exports from Daejeon rose 31.1%, the highest among the 17 cities and provinces in January and February. Additionally, Chungbuk and Chungnam increased by 10.4% and 4.2%, respectively.

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